Which of the following is NEVER / NOT true regarding the use of leverage

(A) If positive financial leverage exists, then the IRR to investors will be higher with debt

(B) The use of leverage will increase returns to investors provided the unleveraged return exceeds the interest rate of the debt

(C) The cost of debt is typically cheaper than equity because debt is more senior in the capital stack and therefore more secure

(D) If the unleveraged IRR < the interest rate on debt then there is positive financial leverage